Which of the following statements is true of an organization pursuing the market penetration strategy?
A)It focuses on cultivating new customers.
B)It seeks to establish a foothold in new markets.
C)It hopes to capitalize on existing markets.
D)It establishes new product development goals and priorities.

Question

Quizplus · Accepted Answer

The market penetration strategy involves increasing sales in existing markets with existing products. Therefore, the statement that best reflects this strategy is "It hopes to capitalize on existing markets." A and B both focus on expanding into new markets, which is not the goal of market penetration. D involves new product development, which is not a key component of market penetration.

Which of the Following Statements Is True of an Organization